I realize this has been asked and answered a hundred times and I didn't want to put this on the Bird's chat thread. I am very close to plunking down a lot of hard earned money on the purchase of a Hatt but am really concerned about all the insurance horror stories I read on other sites like HOF and other sites. If I put the Yacht in a company name and carry no insurance I am not worried about the liability side. My question is - what is the real likelihood of a Hatt sinking and me losing my capital if I elect to carry no insurance? Maybe a stupid question but I don't think so at the insurance rates I am hearing (I will save the price of my boat in 14 years!).

I would only carry half or not any if I could insurance is a rip off and they always find some way not to pay if you read up alot on reasons boats sink and really do preventive maintenance theres no reason it should sink. pack your suffing boxes instal axuillyrie (sp?) Batteries for your pumps set up high water alarms you could even have them page you when they go off

Have you heard of anyone NOT carrying any insurance. I have no problem with not carrying 3rd party liability unless there is a specific legal requirement (in Ontario Canada) which I do not think there is yet. I won't be financing so I don't see why I should get totally ripped off. I am working on creating a "captive" insurance company that would be "non-profit" but that will take time to attract members in our situation - no claims and tired of paying the rip-off artists. So unless I hear some genuine disaster stories here or on some of the other insurance sites, I am going "naked" as they say.

I would at least get liability. Everyone is so litigous. But the main reason is fuel spill or other environmental impact. There is no limit as to the fines or damages the govt can acess. It can break you in a hurry.

I know you been hanging with the Bird but have you been eating his bird seed.

I would get some and like Carl said maybe for 1/2 and get big deductible that cans save you some $.

Just remember Ship Happens And as you said your hard earned cash do you want to gamble with that Investment. How about someone Hits you, Fire, weather or some buddy is visiting and you all have to much fun and they slip and get hurt real bad. Now If it out at sea you can throw them over the side but at a marina someone may see that...

Bill, after insurance premiums went ape down here in S. Florida (double in one year), I changed carriers once with the same full coverage -- I settled for ONLY a 50% increase. All the while I had my broker hunt for just liability coverage for me, and finally 2 years ago he came through on that. That's all I keep now.

Go and "lurk" some more on an insurance thread Angela has going on the sandbar at HOF. You'll see the crazy kinds of deductibles and other "strings" she has to even keep it at $9k! You might as well self-insure on the hull risk.

What's your risk? That's all up to you, pal. I'm plenty comfortable on that side of the risk, but like Dave said it's scary how litigious people are so going with no liability would keep me awake at night.

I don't know how long you've been boating and what your comfort level is w/r/t your own abilities with your own boat in the conditions you typically face. FWIW, most of the mishaps I've seen were one of two things: operator error, in which case the boat(s) suffered mostly cosmetic damage, or something electrical-related (only heard about those), but unfortunately those often involve a sinking or so badly burned boat that it might as well be a total loss. The risks on the former can confidently be limited to the amount that you probably would be better off saving your premiums, where the risks on the latter can be mitigated with a really high-and-tight maintenance regimen.

__________________"American by birth, Southern by the grace of a good woman, "here 'cause THE BIRD tricked me into it"

Thanks for your input. I have been watching the insurance threads on HOF and other forums as well and since I am a new boater, the premiums are insane. I agree on the 3rd party liability side but I am going to take the "hull insurance premium" they want and put it into my own form of"self insurance" fund. I am also told that if I take a Captain's course (or up here in Canada a course called the "Power Squadron" course) my premium in Year 2 will decline a lot. Thanks for the advice. I will let you know how it turns out.

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